Shares of Celestica Inc. (CLS) soared 5.52% in Tuesday's trading session, fueled by a robust fourth-quarter earnings outlook and growing optimism surrounding the company's expansion in the AI/Cloud Solutions segment.
Analysts are projecting Celestica to report strong Q4 2024 financial results, with an expected revenue of $2.532 billion, reflecting an 18.3% year-over-year increase, and earnings per share reaching $1.05, surpassing expectations for the fourth consecutive quarter. This anticipated strong performance is primarily attributed to Celestica's growing presence in the Connectivity & Cloud Solutions segment, driven by rising demand for AI/ML compute products and high-speed networking solutions.
Additionally, Celestica's recent launch of the DS4100 800G data center switch is expected to bolster its portfolio and cater to the high-bandwidth demands of modern data centers. The positive sentiment surrounding the company's growth prospects in the AI/Cloud market has boosted investor confidence, leading to the significant stock price surge.
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